SFGCU generated UAH 10.6 bln of consolidated revenue in 2018
The State Food and Grain Corporation of Ukraine (SFGCU) in 2018 increased its consolidated revenue to UAH 10.58 bln.
The company reported the following financial results:
- export of 1.8 million tons of grain earned UAH 9.07 billion of revenue;
- storage service of 1.752 thou. tons of grain generated UAH 454.4 million of revenue;
- processing business earned UAH 640.8 million for trading 144.2 thou. tons of flour and bran, of which 105 thou. tons were supplied to the domestic market, 15% more y-o-y;
- other business segments yielded additional revenue of UAH 411.2 million.
In 2018, the company received UAH 43.85 million of operating profit and UAH 641 million of gross profit. EBITDA amounted to UAH 155.6 billion.
“The company's financial performance was negatively affected by such factors as the devaluation of the hryvnia, heavy financial burden and credit obligations. Due to these factors, the company's net loss amounted to UAH 1.5 billion,” the report says.
Last year, the Corporation reduced its loan portfolio by USD 150 million to USD 1.35 billion. Also, SFGCU paid back the loan interest of USD 91.7 million for using credit funds.
The report notes that the year 2018 was fruitful for the company as its presence in the domestic market increased. Last year, the share of its own grain in the processing increased to 76%, while the share of commissioned grain decreased to 24%.
“For the first time, we contracted a record amount of 1.2 million tons of corn for the Chinese partner. We were able to reach an understanding and sign a Memorandum of Cooperation between the SFGCU and CCEC at the end of the year. The implementation of the Memorandum in the future will allow SFGCU to increase the volume and expand the range of trade in grain and by-products in the territory of the PRC. Also, the terms of the Memorandum provide for cooperation in the field of processed products trade, oilseeds and further work on joint projects. In addition, we expect the release of products under the SFGCU trademark,” Irina Marchenko, acting Chairman of the Board, noted.
According to her, in the current year the SFGCU will continue adhering to the diversification strategy in all branches of its activity.